Insurance sector drives India’s job market growth

Insurance sector drives India’s job market growth

Insurance is among the sectors that has driven India’s significant job market growth in the past 12 months, according to the Naukri Job Speak Index.

Indian business daily The Economic Times reported that the Index recorded an increase of 22% in hiring activity from March 2015 to last month.

The report said the sectors of insurance, telecom, IT-software and IT-enabled services posted growth in hiring activity during the period from December of last year.

V Suresh, Naukri.com chief sales officer, said the job market continues to sustain the momentum it has gained.

“This growth is primarily driven by sectors viz.IT, ITES, Insurance and Telecom," The Economic Times quoted Suresh as saying.

While hiring activity in the insurance sector has increased, other segments of the finance industry have also seen a rise in demand for employees in the last 12 months.

The Index saw a 20% growth in demand for banking professionals while demand for sales and business development professionals also swelled by 17%.

Among the cities of the second most populated country in the world, Hyderabad reported the highest year-on-year growth in hiring activity at 50%, followed by Mumbai and Chennai at 45% and 43%, respectively. The National Capital Region including Delhi posted a 42% increase in hiring activity.

Since the referendum on 23 June 2016, there has been a lot of uncertainty in many sectors, but for the UK's insurance and long-term savings industry, the largest in the EU and third largest worldwide, the shockwaves are likely to be felt for some time